Baker Hughes has signed a multi-year contract with the Oil and Gas Development Company of Pakistan (OGDC) in its drilling services and equipment sector, aimed at optimizing production and recovery in over 120 wells located in mature oil and gas fields. This collaboration involves combining Baker Hughes' subsurface expertise with surface production technologies and digital solutions.
Development of the Cronos Gas Field in Cyprus
In Cyprus, Eni has awarded Baker Hughes an integrated subsea systems package for the development of the deep Cronos gas field. This project is progressing rapidly and includes four subsea tree systems, wellheads, manifolds and connections, as well as surface control services.
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Award of Contract for Phase Three of the Baleine Field in Côte d'Ivoire
In Côte d'Ivoire, Eni has also awarded Baker Hughes a contract for an integrated well construction for Phase Three of Baleine. The scope of this contract includes drilling services, digital solutions, drilling fluids, cementing, bits, liner hangers, and well cleaning, aimed at supporting full field production.
Additionally, Kuwait Oil Company (KOC) has awarded Baker Hughes a contract for Kymera hybrid drilling bits as well as PDC and tricone bits. The company has also received a significant award for supplying subsea production systems and services for the development of a gas field in Azerbaijan, which includes Aptara trees, wellheads, and related distribution and controls. In Turkey, one of the largest geothermal energy markets, Baker Hughes has secured several drilling bit awards from geothermal operators.
Financial Statistics and Future Outlook
In the second quarter, orders in the drilling services and equipment segment reached $4.05 billion, a 19 percent increase compared to the previous period. Meanwhile, orders for subsea and surface pressure systems reached $1.09 billion, showing a 63 percent sequential increase and an 8 percent decrease compared to last year. The segment's revenue reached $3.66 billion, with international revenues also increasing by 7 percent compared to the previous period to $2.71 billion. Additionally, revenue in the Europe, CIS, and Africa region reached $770 million, indicating a 35 percent increase.
Lorenzo Simonelli, Chairman and CEO of Baker Hughes, noted a significant improvement in the Middle East region, stating that customers are increasingly focused on maximizing recovery and extending asset life, which is pursued through providing solutions for mature assets.
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